Solazyme Reports First Quarter 2013 Results

olazyme, Inc. has announced results for the first quarter ended March 31, 2013. Total revenue for the first quarter ended March 31, 2013 was $6.7 million compared with $13.6 million in the first quarter of 2012. Revenues in the first quarter of 2012 included $5.5 million in government-funded revenues, which as expected did not recur during the first quarter of 2013.

First quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $26.5 million, which compares with net loss of $16.8 million in the prior year period. On a non-GAAP basis, the net loss was $21.5 million for the first quarter of 2013, compared with net loss of $12.8 million in the prior year quarter.

“We are off to an excellent start in 2013 executing on our three primary focus areas: completing capacity projects on schedule; developing our portfolio of tailored oils; and bringing our tailored oils to market,” said Jonathan Wolfson, CEO of Solazyme. “In addition to the newly announced agreement with AkzoNobel, the first quarter included several important milestones such as our Mitsui partnership, our technology breakthrough that allows us to develop new structuring oils, and key financing achievements that support a clear path to commercialization. We remain on target to be in commercial production in multiple facilities by early 2014 and are excited about the opportunities ahead.”

“We strengthened our financial position with over $250 million in new capital through a number of strategic initiatives including a successful convertible offering, a strategic project financing from the Brazilian Development Bank and a new credit facility with one of our commercial banking partners,” said Tyler Painter, CFO of Solazyme. “Our enhanced capital structure and operating flexibility position us well as we pursue a number of exciting opportunities for Solazyme.”